In our commitment to continually broaden our offerings, we are introducing a new project addition - ECash. ECash’s roots go back to Bitcoin. Bitcoin branched into Bitcoin Cash, then into Bitcoin Cash ABC, and finally into ECash. Bitcoin Cash ABC (BCHA) rebranded into eCash at a ratio of 1:1,000,000 on July 1, 2021.
This article provides you with a comprehensive overview of the project, its native token XEC, tokenomics, functionalities, and its potential impact on the crypto ecosystem.
What Is ECash (XEC)?
ECash is an innovative cryptocurrency project led by Amaury Sechet. Like Bitcoin's, ECash's total quantity is limited to 20 million units. The famous American economist Milton Friedman laid the foundation for this project.
According to the project's whitepaper, ECash is a "natural continuation of the Bitcoin Cash project." It commits to realizing Milton Friedman's goal while integrating innovative features into the Bitcoin project. Staking, a unique Avalanche consensus layer, smooth network updates without the need for forks, and introducing subchains are some of its features.
What Is the XEC Token?
XEC is the main cryptocurrency and utility token for eCash. This advanced cryptocurrency can be sent globally within seconds in an open manner. The token also pays for smart contract execution and network fees.
Current statistics (as of Oct 31, 2023):
Latest price: $0.00002323
Market capitalization: 483.63 million
Total supply: 21000 billion
History of ECash
The beginnings of ECash can be traced back to a fork in the Bitcoin blockchain in 2020. This seminal occurrence was the catalyst that resulted in the creation of Bitcoin Cash ABC from its parent cryptocurrency, Bitcoin Cash.
Shortly after its formation, the new currency rebranded, taking on the name 'ECash' as a deliberate move to enhance its popularity in the global crypto market. This was done to make sure everything was clear with other cryptocurrencies. At the time, it was initially known as Bitcoin Cash ABC but was renamed the next year.
How Does ECash Work?
The ECash platform has been working on incorporating a multi-layered system to better meet the many requirements posed by the developer community. XEC allows users to build decentralized applications (dApps) or smart contracts, depending on their desired development method.
This approach combines a blockchain to protect users' privacy with an Ethereum Virtual Machine (EVM) subchain. It is now possible to considerably improve blockchain networks' scalability while avoiding problems that have persisted thus far. This is made possible by maintaining the rigorous segregation of the functionality of smart contracts.
A decentralized EVM subchain allows Ethereum developers to extend or migrate their decentralized applications to the ECash platform without requiring prior reconfiguration. This is made possible by leveraging the EVM subchain. Using ECash enables users to use many capabilities, including eTokens and a sophisticated governance protocol.
Features of ECash
This decentralized platform allows stakers to suggest new ideas or improvements that contribute to ECash becoming a more inclusive network and encourages them to do so. Enthusiasts of cryptocurrencies and investors are drawn to the ability to directly or indirectly decide the platform's direction.
ECash network tokens not only pave the way for users to earn rewards but also help strengthen the integrity of the ECash network.
Using ECash comes with a native wallet that protects your funds by utilizing Sighash. This wallet is included with the software. The wallet interface allows users to track all the transaction activities and the rewards they have staked.
Nowadays, privacy is one of the primary concerns of a user. Because of the demand from clients, ECash decided to implement a privacy technology known as the CashFusion protocol. CashFusion is subject to the same legal restrictions as the Bitcoin blockchain as a direct result of the utilization of this technology. CashFusion is completely scalable.
Use Cases of XEC
Even though it has been rebranded from an older token, the XEC token has a few distinctive characteristics that make it stand out among the many other cryptocurrency projects.
Here are a few use cases of the XEC:
Keeps the transactions anonymous.
Ensures that the transactions continue to cost very little.
Helps with faster and more secure transactions.
Through governance, XEC holders can participate in the decisions of the company.
How to Buy XEC Coins?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ tokens supported, including XEC.
To purchase XEC tokens on CoinEx, follow the steps below.
Create an Account: Start by signing up for a CoinEx account.
Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
Navigate to XEC Trading Page: Once your account is funded, go to the dedicated XEC trading page on CoinEx. You can find a search box and enter the term XEC to swiftly locate the trading pair associated with XEC tokens.
Choose a Trading Pair: Select the desired trading pair that matches XEC with another cryptocurrency. For instance, you may choose XEC/USDT to trade XEC against USDT (Tether).
Specify the Purchase Amount: Determine the quantity of XEC tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
Following these comprehensive steps, you can easily trade XEC tokens on CoinEx using the available trading pairs.